Re Contract

GETECH Group plc
24 January 2007





GETECH Group plc





GETECH COMMENCES THE MARKETING OF RUSSIAN ARCTIC SHELF AEROMAGNETIC DATA



GETECH Group plc ('GETECH' or 'the Company'), the oil services business
specialising in the provision of exploration data and petroleum systems
evaluations, is pleased to announce the finalisation of Agreements to permit
GETECH to commence exclusive marketing of Russian Arctic Shelf aeromagnetic
data. These data will help major oil companies evaluate the hydrocarbon
potential of the Arctic. Several oil majors have expressed strong interest in
licensing these data and one has already placed an order totalling £840,000.



Commenting on this order, Peter Stephens, Chairman of GETECH said:



'This contract is the culmination of almost two years work. It is our first
major win this year and is typical of the small number of large contracts on
which the company relies to achieve its targets'



The enabling Agreements have taken over 18 months to finalise, with initial
signing in January 2006 followed in December 2006 by Russian approval to release
the data. These Agreements give GETECH exclusive rights to over 850,000 line
kilometres of flight line aeromagnetic data over the Russian Arctic continental
shelf. These aeromagnetic products will allow oil and gas companies, to evaluate
more effectively the potential of Russia's 6,800 km long northern offshore
continental margin. The data are available to oil companies from April 2007 and
should contribute significantly to GETECH's future earnings as Arctic
exploration increases.



Commenting on the Agreements, Managing Director of GETECH, Professor Derek
Fairhead said:



'We are delighted to have signed these Agreements and are now able to implement
them. These data form part of a suite of Arctic products that GETECH is making
available to international oil companies to allow them to evaluate the
hydrocarbon potential of the shallow- and deep-water basins of the Arctic
continental shelf. In this way, the Company is playing an important role in
helping oil companies access data in one of the world's largest and most
challenging exploration frontiers'.



'Additionally, these data enhance GETECH's position as the holder of one of the
world's most extensive commercial archives of gravity and magnetic data'.





For more information, please contact:

Buchanan Communications         www.buchanan.uk.com
Kelly-Ann Knight
01943 883990
[e-mail]

GETECH Group Plc                www.getech.com
Prof Derek Fairhead, Managing Director
0113 343 5240



Notes to Editors



GETECH evolved from a Research Group headed by Professor Derek Fairhead within
the Department of Earth Sciences at the University of Leeds (UK) in the
mid-1980s. During the subsequent 15 years, Professor Fairhead completed a number
of major industry-supported continental-scale compilations of gravity and
magnetic data.  In the year 2000, GETECH spun out from the University as a
separate company and in 2005, floated on the AIM stock market in London.



GETECH is a profitable and cash generative oil services business specialising in
the compilation and analysis of gravity and magnetic data and in evaluating
petroleum systems within basins. GETECH licenses these data sets and
interpretation reports to major oil, gas and mining companies to enable these
companies to evaluate regional geology and thereby assist their exploration
strategies. GETECH has compiled one of the world's most extensive commercial
libraries of gravity and magnetic data. GETECH is based at the University of
Leeds, and it has a subsidiary in Houston, Texas and an active presence in
Singapore.



On September 23 2005, the Company listed on the AIM market of the London Stock
Exchange, raising just over £3 million via an institutional placing.



GETECH has 3 principal activities:

  • Licensing Global Gravity and Magnetic Data
  • Integrated Basin Interpretation Studies and Services
  • Evaluating the Petroleum Systems within basins



The first two activities contributed the majority of Group revenue for the year
ended 31 July 2006 with a profit of £1.01. million on a turnover of £3.23
million. The third activity relates to the evolving Petroleum Systems Evaluation
Group, (PSEG), headed up by Dr Paul Markwick, which was formed in 2004 and
provides oil companies with detailed insights into the key source, reservoir and
seal issues relating to the prospectivity of hydrocarbon basins. PSEG is seen as
a major business growth area within the Company.


                      This information is provided by RNS
            The company news service from the London Stock Exchange